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5 important budgeting tips

I have tried to make budgets work multiple times with varying degrees of success. And through the multiple attempts at making budgeting stick, I've noticed a few key learnings on what works or doesn't work for me. Now, I do like personal finance, but the idea of logging every single purchase and the necessity of checking my bank apps multiple times a week (or day) is a horrifying prospect for me. This is something I did not know when beginning, but now is clear as crystal. After many attempts I believe I have settled on a way of budgeting that works best for my preferences. There is no 1 way to budget, and the method should be tweaked to best suit one's personality 1. Knowing your WHY is the single most important factor Saving money for the sake of saving money is boring. It is also extremely uninspiring and can feel like an unnecessary leash holding you back in enjoying life. However, that is exactly NOT the point of budgeting. Budgets can help you prevent wasting
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Staying financially ready during and after the Coronavirus

Being confined indoors has affected the economics of many ventures, companies, and even countries with the global GDP predictions being slashed for 2020 and 2021. Many industries - like catering, hospitality, travel, insurance, and medicine are affected severely - with people working long hours, being prone to burning out, and even being laid off.  These trends have severely affected the stock market, with almost all indices falling quickly. This affects millions of people - their retirement accounts, investments for goals and even their monthly incomes. Additionally, affected people would need to tap into their savings to get by or to pay their medical bills. Stock markets have plummetted because of massive sell-offs triggered by the epidemic scare 5 things I am doing: 1. Health is the first priority Staying safe and healthy should be an absolute priority. This means "not getting sick" and "not spreading the sickness", and government rules

Weapons for financial independence #2: Credit Card

This is a continuation in the series of tools that I choose to help me get to financial independence (which for me, is a combination of primarily earning more, and spending within limits). The previous post analysed my choice of bank in the Netherlands, and can be found here . As anyone in the Netherlands may know, Dutch banks have a habit of giving Maestro or V-Pay cards ("pinpassen") to their clients. I can understand the advantage they offer to merchants, since the merchant fee for these cards is much much lower than traditional MasterCards or Visa cards. So, Maestro and V-Pay offer a robust solution to bringing digital payments at lower costs to an economy. Why do I need a credit card? This is a good question, since Maestro and V-Pay are accepted in many countries world wide. They work perfectly well for usual Point-of-sale payments, or for ATM withdrawals and many of these cards also support contactless payments. One can argue that their universal acce

Weapons for financial independence #1: Banking

The subject of banking is a complicated one -  it depends greatly on where you stay, and what options are available to you. My views on this topic are geared to the European (more specifically, the Dutch) economy. I can understand that banking is not the first topic that comes to mind when thinking of Financial Independence. However, for me, banks are the cornerstone of my strategy towards becoming financially independent. If I am to trust an institution with my life’s earnings, I want to ensure it’s credibility. The right bank is a personal choice, and depends on one's needs Important factors affecting my choice Safety This may be a personal thought, but if I am trusting a bank with my money, it better be safer than Fort Knox. I am okay paying a higher monthly fee for this, if the bank guarantees safety for my money. A higher interest rate is not a deciding factor for me, since I like to control my investments myself, and would not use a bank to invest in the